The chief Senate Republican came out against a $14 billion rescue of General Motors Corp. and Chrysler LLC, raising the chances that Congress will reject help for automakers on the brink of collapse.
Sen. Mitch McConnell, R-Ky., said the bill does not force deep enough reforms at the automakers before lending them $14 billion, and that saving Detroit's automakers would set the wrong precedent.
"Even if we grant these companies would fail without taxpayer help, we would still have to ask ourselves whether the proposals before us achieve the goal that everyone claims to embrace, namely the long-term viability of ailing car companies," McConnell said. "In my view, it does not.
"The best route for long term viability for auto companies may be a rocky one," he added in a reference to bankruptcy filings by the automakers. "Government help is not the only option. It may not be the best option."
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http://www.freep.com/article/20081211/BUSINESS01/81211037
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